Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | LIBERTY PROPERTY TRUST | |
Entity Central Index Key | 921,112 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 147,317,203 | |
Liberty Property Limited Partnership [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | LIBERTY PROPERTY LIMITED PARTNERSHIP | |
Entity Central Index Key | 921,113 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Land and land improvements | $ 1,094,121 | $ 1,094,470 |
Building and improvements | 4,562,908 | 4,501,921 |
Less accumulated depreciation | (995,032) | (940,115) |
Operating real estate | 4,661,997 | 4,656,276 |
Development in progress | 410,027 | 267,450 |
Land held for development | 351,933 | 336,569 |
Net real estate | 5,423,957 | 5,260,295 |
Cash and cash equivalents | 14,748 | 43,642 |
Restricted cash | 18,115 | 12,383 |
Accounts receivable | 14,509 | 13,994 |
Deferred rent receivable | 120,124 | 109,245 |
Deferred financing and leasing costs, net of accumulated amortization (June 30, 2017, $161,544; December 31, 2016, $152,309) | 159,112 | 153,393 |
Investments in and advances to unconsolidated joint ventures | 268,346 | 245,078 |
Assets held for sale | 2,731 | 4,548 |
Prepaid expenses and other assets | 137,993 | 150,235 |
Total assets | 6,159,635 | 5,992,813 |
LIABILITIES | ||
Mortgage loans | 271,851 | 276,650 |
Unsecured notes | 2,281,650 | 2,280,286 |
Credit facility | 177,000 | 0 |
Accounts payable | 56,188 | 65,914 |
Accrued interest | 21,718 | 21,878 |
Dividend and distributions payable | 60,334 | 71,501 |
Other liabilities | 222,697 | 206,124 |
Total liabilities | 3,091,438 | 2,922,353 |
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of June 30, 2017 and December 31, 2016 | 7,537 | 7,537 |
EQUITY | ||
Common shares of beneficial interest, $.001 par value, 283,987,000 shares authorized; 147,304,661 and 146,993,018 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively | 147 | 147 |
Additional paid-in capital | 3,666,703 | 3,655,910 |
Accumulated other comprehensive loss | (45,332) | (56,031) |
Distributions in excess of net income | (619,929) | (596,635) |
Total Liberty Property Trust shareholders' equity | 3,001,589 | 3,003,391 |
Noncontrolling interest - operating partnership | ||
Noncontrolling interest - operating partnerships | 54,170 | 54,631 |
Noncontrolling interest - consolidated joint ventures | 4,901 | 4,901 |
Total owners' equity | 3,060,660 | 3,062,923 |
Total liabilities, noncontrolling interest - operating partnership and equity | 6,159,635 | 5,992,813 |
Liberty Property Limited Partnership [Member] | ||
Real Estate [Abstract] | ||
Land and land improvements | 1,094,121 | 1,094,470 |
Building and improvements | 4,562,908 | 4,501,921 |
Less accumulated depreciation | (995,032) | (940,115) |
Operating real estate | 4,661,997 | 4,656,276 |
Development in progress | 410,027 | 267,450 |
Land held for development | 351,933 | 336,569 |
Net real estate | 5,423,957 | 5,260,295 |
Cash and cash equivalents | 14,748 | 43,642 |
Restricted cash | 18,115 | 12,383 |
Accounts receivable | 14,509 | 13,994 |
Deferred rent receivable | 120,124 | 109,245 |
Deferred financing and leasing costs, net of accumulated amortization (June 30, 2017, $161,544; December 31, 2016, $152,309) | 159,112 | 153,393 |
Investments in and advances to unconsolidated joint ventures | 268,346 | 245,078 |
Assets held for sale | 2,731 | 4,548 |
Prepaid expenses and other assets | 137,993 | 150,235 |
Total assets | 6,159,635 | 5,992,813 |
LIABILITIES | ||
Mortgage loans | 271,851 | 276,650 |
Unsecured notes | 2,281,650 | 2,280,286 |
Credit facility | 177,000 | 0 |
Accounts payable | 56,188 | 65,914 |
Accrued interest | 21,718 | 21,878 |
Dividend and distributions payable | 60,334 | 71,501 |
Other liabilities | 222,697 | 206,124 |
Total liabilities | 3,091,438 | 2,922,353 |
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of June 30, 2017 and December 31, 2016 | 7,537 | 7,537 |
EQUITY | ||
General partner’s equity - 147,304,661 and 146,993,018 common units outstanding as of June 30, 2017 and December 31, 2016, respectively | 3,001,589 | 3,003,391 |
Limited partners' equity | 54,170 | 54,631 |
Noncontrolling interest - operating partnership | ||
Noncontrolling interest - consolidated joint ventures | 4,901 | 4,901 |
Total owners' equity | 3,060,660 | 3,062,923 |
Total liabilities, noncontrolling interest - operating partnership and equity | $ 6,159,635 | $ 5,992,813 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Deferred financing and leasing costs, accumulated amortization | $ 161,544,000 | $ 152,309,000 |
Limited Partners' common units outstanding | 3,528,281 | 3,530,031 |
Common shares of beneficial interest, par value per share | $ 0.001 | $ 0.001 |
Common shares of beneficial interest, shares authorized | 283,987,000 | 283,987,000 |
Common shares of beneficial interest, shares issued | 147,304,661 | 146,993,018 |
Common shares of beneficial interest, shares outstanding | 147,304,661 | 146,993,018 |
Liberty Property Limited Partnership [Member] | ||
Deferred financing and leasing costs, accumulated amortization | $ 161,544,000 | $ 152,309,000 |
Limited Partners' common units outstanding | 3,528,281 | 3,530,031 |
Common shares of beneficial interest, shares outstanding | 147,304,661 | 146,993,018 |
Series I 2 [Member] | ||
Noncontrolling interest - operating partnership, preferred units outstanding | 301,483 | 301,483 |
Series I 2 [Member] | Liberty Property Limited Partnership [Member] | ||
Noncontrolling interest - operating partnership, preferred units outstanding | 301,483 | 301,483 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING REVENUE | ||||
Rental | $ 124,969 | $ 139,143 | $ 248,350 | $ 278,198 |
Operating expense reimbursement | 39,902 | 47,511 | 80,402 | 98,597 |
Development service fee income | 18,259 | 0 | 29,744 | 0 |
Total operating revenue | 183,130 | 186,654 | 358,496 | 376,795 |
OPERATING EXPENSE | ||||
Rental property | 17,716 | 24,745 | 37,600 | 53,255 |
Real estate taxes | 23,244 | 25,202 | 46,525 | 50,522 |
General and administrative | 15,282 | 15,629 | 32,224 | 36,619 |
Depreciation and amortization | 45,789 | 53,545 | 91,249 | 107,623 |
Development service fee expense | 17,828 | 0 | 28,832 | 0 |
Total operating expenses | 119,859 | 119,121 | 236,430 | 248,019 |
Operating income | 63,271 | 67,533 | 122,066 | 128,776 |
OTHER INCOME (EXPENSE) | ||||
Interest and other income | 1,928 | 4,992 | 3,804 | 9,590 |
Interest expense | (21,942) | (30,131) | (44,285) | (61,543) |
Total other income (expense) | (20,014) | (25,139) | (40,481) | (51,953) |
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures | 43,257 | 42,394 | 81,585 | 76,823 |
Gain on property dispositions | 5,895 | 3,832 | 6,702 | 24,353 |
Income taxes | (324) | (752) | (946) | (1,553) |
Equity in earnings of unconsolidated joint ventures | 3,990 | 5,583 | 9,721 | 10,497 |
Income from continuing operations | 52,818 | 51,057 | 97,062 | 110,120 |
Net income | 52,818 | 51,057 | 97,062 | 110,120 |
Noncontrolling interest – operating partnership | (1,350) | (1,317) | (2,499) | (2,826) |
Noncontrolling interest - consolidated joint ventures | (57) | (113) | (120) | (113) |
Net income available to common shareholders | 51,411 | 49,627 | 94,443 | 107,181 |
Comprehensive income attributable to common shareholders | ||||
Net income | 52,818 | 51,057 | 97,062 | 110,120 |
Other comprehensive income (loss) - foreign currency translation | 7,503 | (13,509) | 10,680 | (18,596) |
Other comprehensive (loss) income - derivative instruments | (38) | (435) | 275 | (1,795) |
Other comprehensive income (loss) | 7,465 | (13,944) | 10,955 | (20,391) |
Total comprehensive income | 60,283 | 37,113 | 108,017 | 89,729 |
Less: comprehensive income attributable to noncontrolling interest | (1,582) | (1,101) | (2,875) | (2,458) |
Comprehensive income attributable to common shareholders | $ 58,701 | $ 36,012 | $ 105,142 | $ 87,271 |
Weighted average number of common shares outstanding | ||||
Basic | 146,688 | 145,995 | 146,602 | 146,002 |
Diluted | 147,508 | 146,735 | 147,355 | 146,622 |
Amounts attributable to common shareholders | ||||
Net income available to common shareholders | $ 51,411 | $ 49,627 | $ 94,443 | $ 107,181 |
Liberty Property Limited Partnership [Member] | ||||
OPERATING REVENUE | ||||
Rental | 124,969 | 139,143 | 248,350 | 278,198 |
Operating expense reimbursement | 39,902 | 47,511 | 80,402 | 98,597 |
Development service fee income | 18,259 | 0 | 29,744 | 0 |
Total operating revenue | 183,130 | 186,654 | 358,496 | 376,795 |
OPERATING EXPENSE | ||||
Rental property | 17,716 | 24,745 | 37,600 | 53,255 |
Real estate taxes | 23,244 | 25,202 | 46,525 | 50,522 |
General and administrative | 15,282 | 15,629 | 32,224 | 36,619 |
Depreciation and amortization | 45,789 | 53,545 | 91,249 | 107,623 |
Development service fee expense | 17,828 | 0 | 28,832 | 0 |
Total operating expenses | 119,859 | 119,121 | 236,430 | 248,019 |
Operating income | 63,271 | 67,533 | 122,066 | 128,776 |
OTHER INCOME (EXPENSE) | ||||
Interest and other income | 1,928 | 4,992 | 3,804 | 9,590 |
Interest expense | (21,942) | (30,131) | (44,285) | (61,543) |
Total other income (expense) | (20,014) | (25,139) | (40,481) | (51,953) |
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures | 43,257 | 42,394 | 81,585 | 76,823 |
Gain on property dispositions | 5,895 | 3,832 | 6,702 | 24,353 |
Income taxes | (324) | (752) | (946) | (1,553) |
Equity in earnings of unconsolidated joint ventures | 3,990 | 5,583 | 9,721 | 10,497 |
Net income | 52,818 | 51,057 | 97,062 | 110,120 |
Noncontrolling interest - consolidated joint ventures | (57) | (113) | (120) | (113) |
Preferred unit distributions | (118) | (118) | (236) | (236) |
Net income available to common shareholders | 52,643 | 50,826 | 96,706 | 109,771 |
Comprehensive income attributable to common shareholders | ||||
Net income | 52,818 | 51,057 | 97,062 | 110,120 |
Other comprehensive income (loss) - foreign currency translation | 7,503 | (13,509) | 10,680 | (18,596) |
Other comprehensive (loss) income - derivative instruments | (38) | (435) | 275 | (1,795) |
Other comprehensive income (loss) | 7,465 | (13,944) | 10,955 | (20,391) |
Total comprehensive income | $ 60,283 | $ 37,113 | $ 108,017 | $ 89,729 |
Weighted average number of common shares outstanding | ||||
Basic | 150,216 | 149,534 | 150,130 | 149,541 |
Diluted | 151,036 | 150,274 | 150,883 | 150,161 |
Net income allocated to general partners | $ 51,411 | $ 49,627 | $ 94,443 | $ 107,181 |
Net income allocated to limited partners | 1,350 | 1,317 | 2,499 | 2,826 |
Amounts attributable to common shareholders | ||||
Income from continuing operations | 52,761 | 50,944 | 96,942 | 110,007 |
Net income available to common shareholders | $ 52,643 | $ 50,826 | $ 96,706 | $ 109,771 |
Common shares [Member] | ||||
Basic: | ||||
Income per common share - basic | $ 0.35 | $ 0.34 | $ 0.64 | $ 0.73 |
Diluted: | ||||
Income per common share - diluted | 0.35 | 0.34 | 0.64 | 0.73 |
Distributions per common share or unit | 0.40 | 0.475 | 0.80 | 0.95 |
Common Units [Member] | Liberty Property Limited Partnership [Member] | ||||
Basic: | ||||
Income per common share - basic | 0.35 | 0.34 | 0.64 | 0.73 |
Diluted: | ||||
Income per common share - diluted | 0.35 | 0.34 | 0.64 | 0.73 |
Distributions per common share or unit | $ 0.40 | $ 0.475 | $ 0.80 | $ 0.95 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Accumulated Distributions in Excess of Net Income [Member] | Parent [Member] | Noncontrolling interest operating partnership Common [Member] | Noncontrolling interest-consolidated joint ventures [Member] | Liberty Property Limited Partnership [Member] | Liberty Property Limited Partnership [Member]General Partner [Member] | Liberty Property Limited Partnership [Member]Limited Partner [Member] | Liberty Property Limited Partnership [Member]Noncontrolling interest-consolidated joint ventures [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Other comprehensive income - foreign currency translation | $ (18,596,000) | $ (18,596,000) | ||||||||||
Other comprehensive income - derivative instruments | (1,795,000) | (1,795,000) | ||||||||||
Beginning Balance at Dec. 31, 2016 | 3,062,923,000 | $ 147,000 | $ 3,655,910,000 | $ (56,031,000) | $ (596,635,000) | $ 3,003,391,000 | $ 54,631,000 | $ 4,901,000 | 3,062,923,000 | $ 3,003,391,000 | $ 54,631,000 | $ 4,901,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net proceeds from the issuance of common shares | 4,223,000 | 0 | 4,223,000 | 0 | 0 | 4,223,000 | 0 | 0 | ||||
Net income | 96,826,000 | 0 | 0 | 0 | 94,443,000 | 94,443,000 | 2,263,000 | 120,000 | 96,826,000 | 94,443,000 | 2,263,000 | 120,000 |
Contributions from partners | 10,766,000 | 10,766,000 | ||||||||||
Distributions | (120,810,000) | 0 | 0 | 0 | (117,737,000) | (117,737,000) | (2,953,000) | (120,000) | ||||
Distributions to partners | (120,810,000) | (117,737,000) | (2,953,000) | (120,000) | ||||||||
Share-based compensation | 6,543,000 | 0 | 6,543,000 | 0 | 0 | 6,543,000 | 0 | 0 | ||||
Other comprehensive income - foreign currency translation | 10,680,000 | 0 | 0 | 10,430,000 | 0 | 10,430,000 | 250,000 | 0 | 10,680,000 | 10,430,000 | 250,000 | |
Other comprehensive income - derivative instruments | 275,000 | 0 | 0 | 269,000 | 0 | 269,000 | 6,000 | 0 | 275,000 | 269,000 | 6,000 | |
Redemption of noncontrolling interests - common units | 0 | 0 | 27,000 | 0 | 0 | 27,000 | (27,000) | 0 | 0 | 27,000 | (27,000) | |
Ending Balance at Jun. 30, 2017 | 3,060,660,000 | $ 147,000 | $ 3,666,703,000 | $ (45,332,000) | $ (619,929,000) | $ 3,001,589,000 | $ 54,170,000 | $ 4,901,000 | 3,060,660,000 | $ 3,001,589,000 | $ 54,170,000 | $ 4,901,000 |
Noncontrolling Interest - Operating Partnership (Mezzanine) - Beginning Balance at Dec. 31, 2016 | 7,537,000 | 7,537,000 | ||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||
Net income (Mezzanine) | 236,000 | 236,000 | ||||||||||
Distributions (Mezzanine) | (236,000) | (236,000) | ||||||||||
Noncontrolling Interest - Operating Partnership (Mezzanine) - Ending Balance at Jun. 30, 2017 | $ 7,537,000 | $ 7,537,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES | ||
Net income | $ 97,062 | $ 110,120 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 92,310 | 109,047 |
Amortization of deferred financing costs | 1,874 | 2,004 |
Equity in earnings of unconsolidated joint ventures | (9,721) | (10,497) |
Gain on property dispositions | (6,702) | (24,353) |
Share-based compensation/Non-cash compensation | 10,500 | 15,663 |
Other | (1,712) | (4,424) |
Changes in operating assets and liabilities: | ||
Restricted cash | (5,102) | 3,390 |
Accounts receivable | 630 | 1,794 |
Deferred rent receivable | (10,851) | (8,897) |
Prepaid expenses and other assets | 10,459 | 312 |
Accounts payable | (4,154) | 3,877 |
Accrued interest | (160) | 342 |
Other liabilities | 3,399 | (17,342) |
Net cash provided by operating activities | 177,832 | 181,036 |
INVESTING ACTIVITIES | ||
Investment in properties - acquisitions | (19,838) | (8,000) |
Investment in properties - other | (25,562) | (30,338) |
Investments in and advances to unconsolidated joint ventures | (25,333) | (31,372) |
Distributions from unconsolidated joint ventures | 12,178 | 35,250 |
Net proceeds from disposition of properties/land | 26,220 | 139,814 |
Investment in development in progress | (136,030) | (175,744) |
Investment in land held for development | (87,255) | (36,855) |
Payment of deferred leasing costs | (18,750) | (15,057) |
Investing - Other | 26,315 | 7,842 |
Net cash used in investing activities | (248,055) | (114,460) |
FINANCING ACTIVITIES | ||
Net proceeds from issuance of common shares | 4,223 | 4,341 |
Share repurchase including shares related to tax withholdings | (4,668) | (45,006) |
Repayments of mortgage loans | (3,876) | (22,123) |
Proceeds from credit facility | 284,000 | 338,300 |
Repayments on credit facility | (107,000) | (202,300) |
Distribution paid on common shares | (128,703) | (139,742) |
Distribution paid on units | (3,569) | (3,847) |
Net cash provided by (used in) financing activities | 40,407 | (70,377) |
Net decrease in cash and cash equivalents | (29,816) | (3,801) |
Increase (decrease) in cash and cash equivalents related to foreign currency translation | 922 | (2,212) |
Cash and cash equivalents at beginning of period | 43,642 | 35,353 |
Cash and cash equivalents at end of period | 14,748 | 29,340 |
Liberty Property Limited Partnership [Member] | ||
OPERATING ACTIVITIES | ||
Net income | 97,062 | 110,120 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 92,310 | 109,047 |
Amortization of deferred financing costs | 1,874 | 2,004 |
Equity in earnings of unconsolidated joint ventures | (9,721) | (10,497) |
Gain on property dispositions | (6,702) | (24,353) |
Share-based compensation/Non-cash compensation | 10,500 | 15,663 |
Other | (1,712) | (4,424) |
Changes in operating assets and liabilities: | ||
Restricted cash | (5,102) | 3,390 |
Accounts receivable | 630 | 1,794 |
Deferred rent receivable | (10,851) | (8,897) |
Prepaid expenses and other assets | 10,459 | 312 |
Accounts payable | (4,154) | 3,877 |
Accrued interest | (160) | 342 |
Other liabilities | 3,399 | (17,342) |
Net cash provided by operating activities | 177,832 | 181,036 |
INVESTING ACTIVITIES | ||
Investment in properties - acquisitions | (19,838) | (8,000) |
Investment in properties - other | (25,562) | (30,338) |
Investments in and advances to unconsolidated joint ventures | (25,333) | (31,372) |
Distributions from unconsolidated joint ventures | 12,178 | 35,250 |
Net proceeds from disposition of properties/land | 26,220 | 139,814 |
Investment in development in progress | (136,030) | (175,744) |
Investment in land held for development | (87,255) | (36,855) |
Payment of deferred leasing costs | (18,750) | (15,057) |
Investing - Other | 26,315 | 7,842 |
Net cash used in investing activities | (248,055) | (114,460) |
FINANCING ACTIVITIES | ||
Repayments of mortgage loans | (3,876) | (22,123) |
Proceeds from credit facility | 284,000 | 338,300 |
Repayments on credit facility | (107,000) | (202,300) |
Capital contributions | 4,223 | 4,341 |
Distributions to partners/noncontrolling interests | (136,940) | (188,595) |
Net cash provided by (used in) financing activities | 40,407 | (70,377) |
Net decrease in cash and cash equivalents | (29,816) | (3,801) |
Increase (decrease) in cash and cash equivalents related to foreign currency translation | 922 | (2,212) |
Cash and cash equivalents at beginning of period | 43,642 | 35,353 |
Cash and cash equivalents at end of period | $ 14,748 | $ 29,340 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization and Basis of Presentation Organization Liberty Property Trust (the “Trust”) is a self-administered and self-managed Maryland real estate investment trust (a “REIT”). Substantially all of the Trust’s assets are owned directly or indirectly, and substantially all of the Trust’s operations are conducted directly or indirectly, by its subsidiary, Liberty Property Limited Partnership, a Pennsylvania limited partnership (the “Operating Partnership” and, together with the Trust and their consolidated subsidiaries, the “Company”). The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 97.7% of the common equity of the Operating Partnership at June 30, 2017 . The Company owns and operates industrial properties nationally and owns and operates office properties in a focused group of office markets. Additionally, the Company owns certain assets in the United Kingdom. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Trust and the Operating Partnership. The terms the “Company,” “we,” “our” and “us” mean the Trust and Operating Partnership collectively. The Operating Partnership is a variable interest entity ("VIE") of the Trust as the limited partners do not have substantive kick-out or participating rights. The Trust is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 97.7% of the net income of the Operating Partnership. The Trust has no significant assets or liabilities other than its investment in the Operating Partnership. As the Operating Partnership is already consolidated in the balance sheets of the Trust, the identification of this entity as a VIE has no impact on the consolidated financial statements of the Trust. In addition, the Company holds a 20% interest in Liberty/Comcast 1701 JFK Boulevard, LP which was determined to be a VIE. The Company determined that it is not the primary beneficiary as the Company and its third party partner share control of the joint venture. The Company's maximum exposure to loss is equal to its equity investment in the joint venture which was $17.7 million and $18.7 million as of June 30, 2017 and December 31, 2016, respectively. Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2016 . In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial statements for these interim periods have been included. The results of interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. In the fourth quarter of 2016, the Company entered into an agreement relating to the development, for a fee, of an office building at its Camden Waterfront project in Camden, NJ. Project revenues and related costs and expenses are presented on a gross basis as "Development service fee income" and "Development service fee expense" in the Consolidated Statements of Comprehensive Income. Additionally, at the same time, the Company began classifying development fees and expenses relating to its development fee arrangements for certain unconsolidated joint venture projects in a manner consistent with the Camden project described above. Previously, development service fee income relating to its unconsolidated joint ventures had been classified as other income and development service fee expense had been classified as general and administrative expense in amounts as follows: Three months ended Six months ended June 30, 2016 June 30, 2016 Other income $ 1,198 $ 2,570 General and administrative $ 1,054 $ 2,152 In the first quarter of 2017, the Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which requires the Company to reclassify shares withheld for tax withholding purposes on share-based compensation awards from operating activities to financing activities. As a result of the adoption, a $4.1 million cash outflow has been reclassified in the June 30, 2016 consolidated statement of cash flows from operating activities to financing activities. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance (except revenue in the scope of other accounting standards, including standards related to leasing). Subsequently, the FASB issued the following standards related to ASU 2014-09: ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”); ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”); and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”). The Company must adopt ASU 2016-08, ASU 2016-10 and ASU 2016-12 with ASU 2014-09 (collectively, the “New Revenue Standards”) effective January 1, 2018. The New Revenue Standards clarify the required factors that an entity must consider when recognizing revenue and require additional disclosures concerning contracts with customers, judgments concerning revenue recognition, and assets recognized for the costs to obtain or fulfill a contract. The New Revenue Standards also provide guidance regarding the measurement of gains and losses relative to the sale of certain nonfinancial assets, including real estate. The Company has created an implementation plan and is progressing in its assessment of the impact of the New Revenue Standards on various revenue streams and evaluating the qualitative and quantitative disclosure guidance. The Company does not expect the New Revenue Standards to have a material impact on the measurement and recognition of gains and losses on the sale of properties. The New Revenue Standards may impact revenue recognized under the percentage of completion method. The Company is currently assessing whether there will an impact on the amount and timing of recognizing its development service fee income which is currently accounted for under the percentage of completion method based on applicable costs incurred and estimated to be incurred. The Company expects the adoption of the New Revenue Standards to have an impact on its business processes, financial reporting disclosures, and internal controls over financial reporting (“ICFR”). The Company plans to adopt the New Revenue Standards using the modified retrospective method. Significant assessment and implementation matters to be addressed prior to adopting the New Revenue Standards include completing a review of customer contracts, determining the impact the new accounting standard will have on the Company’s financial statements and related disclosures, and updating, as needed, the Company’s business processes, systems, and controls required to comply with the New Revenue Standards. Upon completion of the Company’s implementation plan and evaluation of the remaining revenue contracts, the Company will adopt additional controls around ICFR and its business processes for any new and existing revenue arrangements. The Company is on target to complete its assessment of the new revenue standards and the impact on the Company’s financial statements and related disclosures as of January 1, 2018. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for the Company beginning January 1, 2019. Early adoption of ASU 2016-02 is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. For leases in which the Company is the lessor, the standard requires that the lease and non-lease components of the lease agreement should be separated. Revenue related to the lease component of the contract will be recognized on a straight-line basis, while revenue related to the non-lease component will be recognized under the provisions of ASU 2014-09 (see above). For lease agreements longer than one year in which the Company is the lessee, the Company will measure the present value of the future lease payments and recognize a right-of-use asset and corresponding lease liability on its balance sheet. In addition, the new standard states that only direct leasing costs may be capitalized. The Company is evaluating the impact ASU 2016-02 will have on its financial position and results of operations. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is designed to clarify how entities should classify cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for the Company beginning January 1, 2018. Early adoption of ASU 2016-15 is permitted. The standard requires retrospective application unless it is impracticable to do so. The Company is evaluating the impact ASU 2016-15 will have on its statement of cash flows. In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ("ASU 2017-05"). ASU 2017-05 is designed to provide guidance on how to recognize gain and losses on sales, including partial sale, of nonfinancial assets to noncustomers. ASU 2017-05 is effective for the Company beginning January 1, 2018. Early adoption is permitted but the standard is required to be adopted concurrently with ASU 2014-09. The Company is evaluating the impact ASU 2017-05 will have on the Company's financial position and results of operations. In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting ("ASU 2017-09"). ASU 2017-09 clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. ASU 2017-09 is effective for the Company beginning January 1, 2018. Early adoption is permitted. The new guidance will be applied prospectively to awards modified on or after the adoption date. The Company is evaluating the impact ASU 2017-09 will have on the Company's financial position and results of operations. |
Income per Common Share of the
Income per Common Share of the Trust | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Income per Common Share of the Trust The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts): For the Three Months Ended For the Three Months Ended June 30, 2017 June 30, 2016 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 51,411 146,688 $ 0.35 $ 49,627 145,995 $ 0.34 Dilutive shares for long-term compensation plans — 820 — 740 Net income available to common shareholders - diluted $ 51,411 147,508 $ 0.35 $ 49,627 146,735 $ 0.34 For the Six Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 94,443 146,602 $ 0.64 $ 107,181 146,002 $ 0.73 Dilutive shares for long-term compensation plans — 753 — 620 Net income available to common shareholders - diluted $ 94,443 147,355 $ 0.64 $ 107,181 146,622 $ 0.73 Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. There were no anti-dilutive options excluded from the computation of diluted income per common share for the three and six months ended June 30, 2017 as compared to 885,000 and 1,668,000 , respectively, for the same periods in 2016 . During the three and six months ended June 30, 2017 , 77,000 and 88,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2016 , 369,000 common shares were issued upon the exercise of options. Share Repurchase In August 2015, the Company’s Board of Trustees authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common shares through August 7, 2017. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. There were no purchases under the plan during the three or six months ended June 30, 2017 . |
Income per Common Unit of the O
Income per Common Unit of the Operating Partnership | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Unit, Basic and Diluted [Line Items] | |
Earnings Per Share [Text Block] | Income per Common Share of the Trust The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts): For the Three Months Ended For the Three Months Ended June 30, 2017 June 30, 2016 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 51,411 146,688 $ 0.35 $ 49,627 145,995 $ 0.34 Dilutive shares for long-term compensation plans — 820 — 740 Net income available to common shareholders - diluted $ 51,411 147,508 $ 0.35 $ 49,627 146,735 $ 0.34 For the Six Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 94,443 146,602 $ 0.64 $ 107,181 146,002 $ 0.73 Dilutive shares for long-term compensation plans — 753 — 620 Net income available to common shareholders - diluted $ 94,443 147,355 $ 0.64 $ 107,181 146,622 $ 0.73 Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. There were no anti-dilutive options excluded from the computation of diluted income per common share for the three and six months ended June 30, 2017 as compared to 885,000 and 1,668,000 , respectively, for the same periods in 2016 . During the three and six months ended June 30, 2017 , 77,000 and 88,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2016 , 369,000 common shares were issued upon the exercise of options. Share Repurchase In August 2015, the Company’s Board of Trustees authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common shares through August 7, 2017. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. There were no purchases under the plan during the three or six months ended June 30, 2017 . |
Liberty Property Limited Partnership [Member] | |
Earnings Per Unit, Basic and Diluted [Line Items] | |
Earnings Per Share [Text Block] | Income per Common Unit of the Operating Partnership The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts): For the Three Months Ended For the Three Months Ended June 30, 2017 June 30, 2016 Income (Numerator) Weighted Average Units (Denominator) Per Unit Income (Numerator) Weighted Average Units (Denominator) Per Unit Net income - net of noncontrolling interest - consolidated joint ventures $ 52,761 $ 50,944 Less: Preferred unit distributions (118 ) (118 ) Net income available to common unitholders - basic $ 52,643 150,216 $ 0.35 $ 50,826 149,534 $ 0.34 Dilutive units for long-term compensation plans — 820 — 740 Net income available to common unitholders - diluted $ 52,643 151,036 $ 0.35 $ 50,826 150,274 $ 0.34 For the Six Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 Income (Numerator) Weighted Average Units (Denominator) Per Unit Income (Numerator) Weighted Average Units (Denominator) Per Unit Net income - net of noncontrolling interest - consolidated joint ventures $ 96,942 $ 110,007 Less: Preferred unit distributions (236 ) (236 ) Net income available to common unitholders - basic 96,706 150,130 $ 0.64 109,771 149,541 $ 0.73 Dilutive units for long-term compensation plans — 753 — 620 Net income available to common unitholders - diluted $ 96,706 150,883 $ 0.64 $ 109,771 150,161 $ 0.73 Dilutive units for long-term compensation plans represent the unvested common units outstanding during the periods as well as the dilutive effect of outstanding options. There were no anti-dilutive options excluded from the computation of diluted income per common unit for the three and six months ended June 30, 2017 as compared to 885,000 and 1,668,000 , respectively, for the same periods in 2016 . During the three and six months ended June 30, 2017 , 77,000 and 88,000 common units, respectively, were issued upon exercise of options. During the year ended December 31, 2016 , 369,000 common units were issued upon the exercise of options. Share Repurchase In August 2015, the Company’s Board of Trustees authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common units through August 7, 2017. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. There were no purchases under the plan during the three or six months ended June 30, 2017 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss The following table sets forth the components of Accumulated Other Comprehensive Loss (in thousands): As of and for the six months ended June 30, 2017 2016 Foreign Currency Translation: Beginning balance $ (56,767 ) $ (22,023 ) Translation adjustment 10,680 (18,596 ) Ending balance (46,087 ) (40,619 ) Derivative Instruments: Beginning balance (455 ) (865 ) Unrealized loss (41 ) (2,354 ) Reclassification adjustment (1) 316 559 Ending balance (180 ) (2,660 ) Total accumulated other comprehensive loss (46,267 ) (43,279 ) Less: portion included in noncontrolling interest – operating partnership 935 863 Total accumulated other comprehensive loss included in shareholders' equity/owners' equity $ (45,332 ) $ (42,416 ) (1) Amounts reclassified out of Accumulated Other Comprehensive Loss/General & Limited Partner's Equity into contractual interest expense. |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Real Estate During the three and six months ended June 30, 2017, the Company acquired one property for a purchase price of $19.1 million . This property was under development when acquired and contains 101,000 square feet of leaseable space. The property is located in the Company's Southern California reportable segment. Information on the operating properties and land parcels the Company sold during the three and six months ended June 30, 2017 is as follows: Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Number of Buildings Acres of Developable Land Leaseable Square Feet Gross Proceeds (in thousands) Number of Buildings Acres of Developable Land Leaseable Square Feet Gross Proceeds (in thousands) Chicago/Minneapolis 1 — 31,116 $ 3,100 1 — 31,116 $ 3,100 Florida — 11 — 2,636 — 11 — 2,636 Houston — 7 — 1,995 — 7 — 1,995 Philadelphia — 2 — 6,904 — 2 — 6,904 Southeastern PA 1 3 62,386 6,975 2 3 95,413 9,050 Other — 6 — 3,739 — 6 — 3,739 2 29 93,502 $ 25,349 3 29 126,529 $ 27,424 As of June 30, 2017, the Company classified 4.9 acres of land held for development with a total carrying value of $2.7 million as assets held for sale. This land is located in the Company's Florida reportable segment. The land was sold subsequent to June 30, 2017. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company owns and operates industrial properties nationally and owns and operates office properties in a focused group of office markets. Additionally, the Company owns certain assets in the United Kingdom. During the six months ended June 30, 2017, the Company realigned its reportable segments as follows: • Carolinas/Richmond; • Chicago/Minneapolis; • Florida; • Houston; • Lehigh/Central PA; • Philadelphia; • Southeastern PA; and • United Kingdom. Certain other segments are aggregated into an "Other" category which includes the reportable segments: Arizona; Atlanta; Cincinnati/Columbus/Indianapolis; Dallas; DC Metro; New Jersey; and Southern California. Comparative prior periods have been restated to reflect current segment disclosures. The Company evaluates the performance of its reportable segments based on segment net operating income (“SNOI”). SNOI is defined as net operating income (rental revenue and operating expense reimbursements less property and real estate tax expenses) less amortization of lease transaction costs and other operating expenses which relate directly to the management and operation of the assets within each reportable segment. The Company's accounting policies for the segments are the same as those used in the Company's consolidated financial statements. There are no material inter-segment transactions. The operating information by reportable segment is as follows (in thousands): Three Months Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 Operating revenue Carolinas/Richmond $ 18,225 $ 16,174 $ 36,282 $ 31,934 Chicago/Minneapolis 15,767 21,891 31,642 43,430 Florida 14,482 27,798 28,730 57,115 Houston 14,779 14,204 29,553 28,971 Lehigh/Central PA 39,815 33,782 81,350 68,025 Philadelphia 10,928 10,386 22,363 20,741 Southeastern PA 15,127 24,343 29,742 50,226 United Kingdom 3,262 3,525 6,431 7,077 Other 32,166 34,444 62,538 69,441 Segment-level operating revenue 164,551 186,547 328,631 376,960 Reconciliation to total operating revenues Development service fee income 18,259 — 29,744 — Other 320 107 121 (165 ) Total operating revenue $ 183,130 $ 186,654 $ 358,496 $ 376,795 SNOI Carolinas/Richmond $ 13,094 $ 11,219 $ 26,077 $ 22,059 Chicago/Minneapolis 10,011 11,872 19,360 23,243 Florida 10,003 16,741 19,510 34,788 Houston 7,761 8,036 14,562 16,869 Lehigh/Central PA 29,083 24,755 58,661 48,957 Philadelphia 8,475 7,981 17,234 15,339 Southeastern PA 8,507 14,549 16,619 28,300 United Kingdom 1,649 2,438 3,506 4,842 Other 21,935 22,953 42,191 45,779 SNOI 110,518 120,544 217,720 240,176 Reconciliation to net income Interest expense (21,942 ) (30,131 ) (44,285 ) (61,543 ) Depreciation/amortization expense (1) (33,115 ) (39,161 ) (66,308 ) (78,959 ) Gain on property dispositions 5,895 3,832 6,702 24,353 Equity in earnings of unconsolidated joint ventures 3,990 5,583 9,721 10,497 General and administrative expense (1) (11,047 ) (10,135 ) (23,301 ) (24,927 ) Income taxes (1) 104 (653 ) (176 ) (1,222 ) Other (1,585 ) 1,178 (3,011 ) 1,745 Net income $ 52,818 $ 51,057 $ 97,062 $ 110,120 (1) Excludes costs which are included in determining SNOI. The Company's total assets by reportable segment as of June 30, 2017 and December 31, 2016 is as follows (in thousands): June 30, 2017 December 31, 2016 Carolinas/Richmond $ 512,329 $ 503,920 Chicago/Minnesota 609,962 616,298 Florida 507,873 514,431 Houston 529,946 530,438 Lehigh/Central PA 1,350,454 1,311,815 Philadelphia 610,025 557,510 Southeastern PA 271,035 262,155 United Kingdom 227,793 189,766 Other 1,487,741 1,403,431 Segment-level total assets 6,107,158 5,889,764 Corporate Other 52,477 103,049 Total assets $ 6,159,635 $ 5,992,813 |
Accounting for the Impairment o
Accounting for the Impairment of Long-Lived Assets and Fee Development Contracts | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Asset Impairment Charges [Text Block] | Accounting for the Impairment of Long-Lived Assets and Fee Development Contracts Asset Impairment The Company disposes of and anticipates the potential disposition of certain properties prior to the end of their remaining useful lives. There were no impairments recognized during the three or six months ended June 30, 2017 or 2016. The Company has applied reasonable estimates and judgments in evaluating each of its properties and land held for development and has determined that there were no valuation adjustments necessary at June 30, 2017 . Should external or internal circumstances change requiring the need to shorten the holding periods or adjust the estimated future cash flows of the Company’s assets, the Company could be required to record impairment charges in the future. Fee Development Contracts From time to time, the Company enters into contracts to develop properties on a fee basis for joint ventures in which the Company holds an interest or for unrelated third parties. In these cases the Company typically agrees to be responsible for all aspects of the development of the project (and, in certain instances, related infrastructure) and to guarantee the timely lien-free completion of construction of the project and the payment, subject to certain exceptions, of cost overruns incurred in the development of the project. If the Company encounters construction delays or unexpected costs in the development of these projects or is otherwise unable to recover the costs it incurs, the resulting unrecovered costs and potential payments to customers could generate losses that would adversely affect the Company's cash flow and net income. On a quarterly basis, the Company applies reasonable estimates and judgments to assess whether or not it is necessary to accrue any estimated future losses with respect to such contracts. There were no such losses recognized during the three or six months ended June 30, 2017 or 2016. Should external or internal circumstances change requiring the Company to adjust the estimated future cash flows from these development contracts or that suggest that such development contracts may result in a loss, the Company could be required to record losses in the future. |
Noncontrolling Interests of the
Noncontrolling Interests of the Trust | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests of the Trust Noncontrolling interests in the accompanying financial statements represent the interests of the common and preferred units in the Operating Partnership not held by the Trust. In addition, noncontrolling interests include third-party ownership interests in consolidated joint venture investments. Common units The common units of the Operating Partnership not held by the Trust outstanding as of June 30, 2017 have the same economic characteristics as common shares of the Trust. The 3.5 million outstanding common units of the Operating Partnership not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3.5 million outstanding common units based on the closing price of the common shares of the Trust at June 30, 2017 was $ 143.6 million . |
Limited Partners' Equity of the
Limited Partners' Equity of the Operating Partnership | 6 Months Ended |
Jun. 30, 2017 | |
Preferred Units [Line Items] | |
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests of the Trust Noncontrolling interests in the accompanying financial statements represent the interests of the common and preferred units in the Operating Partnership not held by the Trust. In addition, noncontrolling interests include third-party ownership interests in consolidated joint venture investments. Common units The common units of the Operating Partnership not held by the Trust outstanding as of June 30, 2017 have the same economic characteristics as common shares of the Trust. The 3.5 million outstanding common units of the Operating Partnership not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3.5 million outstanding common units based on the closing price of the common shares of the Trust at June 30, 2017 was $ 143.6 million . |
Liberty Property Limited Partnership [Member] | |
Preferred Units [Line Items] | |
Noncontrolling Interest Disclosure [Text Block] | Limited Partners' Equity and Noncontrolling Interest of the Operating Partnership Limited partners' equity in the accompanying financial statements represents the interests of the common and preferred units in the Operating Partnership not held by the Trust. The Operating Partnership's noncontrolling interest includes third-party ownership interests in consolidated joint venture investments. Common units The common units outstanding have the same economic characteristics as common shares of the Trust. The 3.5 million outstanding common units as of June 30, 2017 not held by the Trust are the limited partners' equity - common units held by persons and entities other than the Trust. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3.5 million outstanding common units at June 30, 2017 based on the closing price of the common shares of the Trust at June 30, 2017 was $ 143.6 million . |
Noncontrolling Interest - Opera
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units | 6 Months Ended |
Jun. 30, 2017 | |
Temporary Equity [Line Items] | |
Stockholders' Equity Note Disclosure [Text Block] | Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units As of June 30, 2017 , the Company had outstanding the following cumulative preferred units of the Operating Partnership: ISSUE AMOUNT UNITS LIQUIDATION PREFERENCE DIVIDEND RATE (in 000’s) Series I-2 $ 7,537 301 $25 6.25 % The preferred units are putable at the holder's option at any time and are callable at the Operating Partnership's option after a stated period of time for cash. |
Disclosure of Fair Value of Fin
Disclosure of Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Debt Instrument, Fair Value Disclosure [Abstract] | |
Disclosure of Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820, Fair Value Measurements and Disclosures, gives guidance on the fair value measurement of a financial asset or liability. Inputs used to develop fair value are classified in one of three categories: Level 1 inputs (quoted prices (unadjusted) in active markets for identical assets or liabilities), Level 2 inputs (inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly) and Level 3 inputs (unobservable inputs for the asset or liability). The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the following estimates are not necessarily indicative of the amounts the Company could have realized on disposition of the financial instruments at June 30, 2017 and December 31, 2016 . The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued interest, dividend and distributions payable and other liabilities are reasonable estimates of fair value because of the short-term nature of these instruments. The carrying value of the outstanding amounts under the Company's credit facility is a reasonable estimate of fair value because interest rates float at a rate based on LIBOR. The Company determines the fair value of its interest rate swaps by using the standard methodology of netting discounted future fixed cash payments with the discounted expected variable cash receipts. These variable cash receipts of interest rate swaps are based on expectations of future LIBOR interest rates (forward curves) estimated by observing market LIBOR interest rate curves. This is a Level 2 fair value calculation. Also, credit valuation adjustments are factored into the fair value calculations to account for potential nonperformance risk. These credit valuation adjustments were concluded to be not significant inputs for the fair value calculations for the periods presented. See Note 13 - Derivative Instruments. The Company used a discounted cash flow model to determine the estimated fair value of its debt as of June 30, 2017 and December 31, 2016 . This is a Level 3 fair value calculation. The inputs used in preparing the discounted cash flow model include actual maturity dates and scheduled cash flows as well as estimates for market value discount rates. The Company updates the discounted cash flow model on a quarterly basis to reflect any changes in the Company's debt holdings and changes to discount rate assumptions. The following summarizes the fair value of the Company's mortgage loans and unsecured notes as of December 31, 2016 and June 30, 2017 (in thousands): Mortgage Loans Unsecured Notes Carrying Value Fair Value Carrying Value Fair Value As of December 31, 2016 $ 276,650 $ 286,684 $ 2,280,286 $ 2,340,762 As of June 30, 2017 $ 271,851 $ 283,911 $ 2,281,650 $ 2,364,004 |
Unconsolidated Joint Ventures
Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Unconsolidated Joint Ventures Cambridge Medipark Ltd During the three and six months ended June 30, 2017 and 2016, Cambridge Medipark, Ltd (a joint venture in which the Company holds a 50% interest) recognized gains on the sale of land leasehold interests. The Company's share of these gains was $1.5 million and $4.5 million , respectively, for the three and six months ended June 30, 2017 compared to $312,000 and $206,000 , respectively, for the same periods in 2016. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest rate swaps [Text Block] | Derivative Instruments The Company borrows funds at a combination of fixed and variable rates. Borrowings under the Company's revolving credit facility and certain bank mortgage loans bear interest at variable rates. Our long-term debt typically bears interest at fixed rates. The Company's interest rate risk management objectives are to limit generally the impact of interest rate changes on earnings and cash flows and to lower the Company's overall borrowing costs. To achieve these objectives, from time to time, the Company enters into interest rate hedge contracts such as collars, swaps, caps and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. The Company generally does not hold or issue these derivative contracts for trading or speculative purposes. The interest rate on all of the Company's variable rate debt is generally adjusted at one or three month intervals, subject to settlements under interest rate hedge contracts. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss (for the Trust) and general partner's equity and limited partners ’ equity - common units (for the Operating Partnership) and is subsequently reclassified into interest expense in the period that the hedged forecasted transaction affects earnings. The Company determines the fair value of its interest rate swaps by using the standard methodology of netting discounted future fixed cash payments with the discounted expected variable cash receipts. These variable cash receipts of interest rate swaps are based on expectations of future LIBOR interest rates (forward curves) estimated by observing market LIBOR interest rate curves. This is a Level 2 fair value calculation. Also, credit valuation adjustments are factored into the fair value calculations to account for potential nonperformance risk. These credit valuation adjustments were concluded to be not significant inputs for the fair value calculations for the periods presented. The Company holds an interest in three interest rate swap contracts (“Swaps”) that eliminate the impact of changes in interest rates on the payments required under variable rate mortgages. The Swaps had aggregate notional amounts of $97.6 million and $98.9 million at June 30, 2017 and December 31, 2016 , respectively, and expire at various dates between 2018 and 2020 . The Company accounts for the effective portion of changes in the fair value of a derivative in accumulated other comprehensive loss and subsequently reclassifies the effective portion to earnings over the term that the hedged transaction affects earnings. The Company accounts for the ineffective portion of changes in the fair value of a derivative directly in earnings. The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the three months ended June 30, 2017 and 2016 (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Amount of loss related to the effective portion recognized in other comprehensive loss $ (163 ) $ (700 ) $ (25 ) $ (2,343 ) Amount of loss related to the effective portion subsequently reclassified to interest expense $ (129 ) $ (276 ) $ (316 ) $ (559 ) Amount of (loss) gain related to the ineffective portion recognized in interest expense $ (9 ) $ (22 ) $ 14 $ (78 ) The fair value of the Swaps in the amounts of $3.7 million and $4.9 million as of June 30, 2017 and December 31, 2016 , respectively, is included in other liabilities in the accompanying consolidated balance sheets. The Company estimates that $0.2 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the next 12 months. The Company has agreements with its derivative counterparties that contain a provision whereby if the Company defaults on any of its indebtedness, including defaults where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company were to breach any of the contractual provisions of the derivative contracts, it would be required to settle its obligations under the agreements at their termination value including accrued interest, which totaled approximately $3.7 million as of June 30, 2017 . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental Matters Substantially all of the Company's properties and land were subject to Phase I Environmental Assessments and when appropriate Phase II Environmental Assessments (collectively, the “Environmental Assessments”) obtained in contemplation of their acquisition by the Company or obtained by predecessor owners prior to the sale of the property or land to the Company. The Environmental Assessments did not reveal, nor is the Company aware of, any non-compliance with environmental laws, environmental liability or other environmental claim that the Company believes would likely have a material adverse effect on the Company. Operating Ground Lease Agreements Future minimum rental payments under the terms of all non-cancelable operating ground leases under which the Company is the lessee, as of June 30, 2017 , were as follows (in thousands): Year Amount 2017 (remaining) $ 825 2018 1,754 2019 1,754 2020 1,754 2021 1,754 2022 and thereafter 34,872 Total $ 42,713 Operating ground lease expense for the three and six months ended June 30, 2017 was $311,000 and $623,000 , respectively, as compared to $237,000 and $493,000 , respectively, for the same periods in 2016 . Legal Matters From time to time, the Company is a party to a variety of legal proceedings, claims and assessments arising in the normal course of business. As of June 30, 2017 there were no legal proceedings, claims or assessments that the Company expects to have a material adverse effect on the Company’s business or financial statements. Other As of June 30, 2017 , the Company had letter of credit obligations of $7.7 million . As of June 30, 2017 , the Company had 27 buildings under development. These buildings are expected to contain, when completed, a total of 6.6 million square feet of leasable space and represent an anticipated aggregate investment of $634.0 million . At June 30, 2017 , development in progress totaled $410.0 million . In addition, as of June 30, 2017 , the Company had invested $15.4 million in deferred leasing costs related to these development buildings. Also, as of June 30, 2017, the Company had a signed commitment for $11.8 million for a build-to-suit development not yet commenced. As of June 30, 2017 , the Company was committed to $18.6 million in improvements on certain buildings and land parcels. As of June 30, 2017 , the Company was committed to $19.4 million in future land acquisitions. The Company expects to complete these purchases during the year ended December 31, 2017. As of June 30, 2017 , the Company was obligated to pay for tenant improvements not yet completed for a maximum of $21.1 million . Unconsolidated joint ventures in which the Company holds an interest, and in another case an unrelated third party, have engaged the Company as the developer of certain development properties pursuant to development agreements. The Company agrees, in consideration for a development fee, to be responsible for all aspects of the development of the properties (and, in certain instances, related infrastructure) and to guarantee the timely lien-free completion of construction of the properties and the payment, subject to certain exceptions, of any cost overruns incurred in the development of the properties. The Company is currently developing three buildings for its unconsolidated joint ventures which represent an anticipated aggregate investment by the joint ventures of $966.7 million . As of June 30, 2017, the Company was also committed to approximately $170.1 million in costs related to its agreement to develop, on a fee basis, an office building and infrastructure improvements for American Water Works in Camden, New Jersey. As of June 30, 2017, $46.7 million of these costs had been incurred. The Company maintains cash and cash equivalents at financial institutions. The combined account balances at each institution typically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes the risk is not significant. |
Supplemental Disclosure to Stat
Supplemental Disclosure to Statements of Cash Flows | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure to Statements of Cash Flows | Supplemental Disclosure to Consolidated Statements of Cash Flows The following are supplemental disclosures to the consolidated statements of cash flows for the six months ended June 30, 2017 and 2016 (amounts in thousands): 2017 2016 Write-off of fully depreciated/amortized property and deferred costs $ 19,833 $ 19,002 Write-off of depreciated/amortized property and deferred costs due to sale $ 8,989 $ 33,857 Redemption of noncontrolling interests - common units $ 27 $ — Unrealized gain (loss) on cash flow hedge $ 275 $ (1,795 ) Changes in accrued development capital expenditures $ 13,124 $ 2,383 Capitalized equity-based compensation $ 739 $ 808 Amounts paid in cash for deferred leasing costs incurred in connection with signed leases with tenants are paid in conjunction with improving (acquiring) property, plant and equipment. Such costs are not contained within net real estate. However, they are integral to the completion of a tenant lease and ultimately are related to the improvement and thus the value of the Company’s property, plant and equipment. They are therefore included in investing activities in the Company’s consolidated statements of cash flows. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events As of June 30, 2017, the Company had a deferred gain related to a 2015 portfolio sale in the amount of $14.3 million which is recorded in other liabilities in the accompanying balance sheets. Subsequent to June 30, 2017, the contingency related to the sale was settled and the Company recognized the deferred gain in net income. Pursuant to a purchase option contained in its lease agreement, on July 27, 2017, a tenant exercised its option to purchase two properties approximating 1.7 million square feet and 44 acres of land for $249.0 million . The properties and land are in the Lehigh/Central PA segment. The sale is currently anticipated to close in 2017, subject to the satisfaction of certain closing conditions contained in the lease. Upon the closing of the sale, the Company expects to recognize a gain on the sale in the range of $65 million to $70 million . |
Organization and Basis of Pre23
Organization and Basis of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance (except revenue in the scope of other accounting standards, including standards related to leasing). Subsequently, the FASB issued the following standards related to ASU 2014-09: ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”); ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”); and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”). The Company must adopt ASU 2016-08, ASU 2016-10 and ASU 2016-12 with ASU 2014-09 (collectively, the “New Revenue Standards”) effective January 1, 2018. The New Revenue Standards clarify the required factors that an entity must consider when recognizing revenue and require additional disclosures concerning contracts with customers, judgments concerning revenue recognition, and assets recognized for the costs to obtain or fulfill a contract. The New Revenue Standards also provide guidance regarding the measurement of gains and losses relative to the sale of certain nonfinancial assets, including real estate. The Company has created an implementation plan and is progressing in its assessment of the impact of the New Revenue Standards on various revenue streams and evaluating the qualitative and quantitative disclosure guidance. The Company does not expect the New Revenue Standards to have a material impact on the measurement and recognition of gains and losses on the sale of properties. The New Revenue Standards may impact revenue recognized under the percentage of completion method. The Company is currently assessing whether there will an impact on the amount and timing of recognizing its development service fee income which is currently accounted for under the percentage of completion method based on applicable costs incurred and estimated to be incurred. The Company expects the adoption of the New Revenue Standards to have an impact on its business processes, financial reporting disclosures, and internal controls over financial reporting (“ICFR”). The Company plans to adopt the New Revenue Standards using the modified retrospective method. Significant assessment and implementation matters to be addressed prior to adopting the New Revenue Standards include completing a review of customer contracts, determining the impact the new accounting standard will have on the Company’s financial statements and related disclosures, and updating, as needed, the Company’s business processes, systems, and controls required to comply with the New Revenue Standards. Upon completion of the Company’s implementation plan and evaluation of the remaining revenue contracts, the Company will adopt additional controls around ICFR and its business processes for any new and existing revenue arrangements. The Company is on target to complete its assessment of the new revenue standards and the impact on the Company’s financial statements and related disclosures as of January 1, 2018. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for the Company beginning January 1, 2019. Early adoption of ASU 2016-02 is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. For leases in which the Company is the lessor, the standard requires that the lease and non-lease components of the lease agreement should be separated. Revenue related to the lease component of the contract will be recognized on a straight-line basis, while revenue related to the non-lease component will be recognized under the provisions of ASU 2014-09 (see above). For lease agreements longer than one year in which the Company is the lessee, the Company will measure the present value of the future lease payments and recognize a right-of-use asset and corresponding lease liability on its balance sheet. In addition, the new standard states that only direct leasing costs may be capitalized. The Company is evaluating the impact ASU 2016-02 will have on its financial position and results of operations. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is designed to clarify how entities should classify cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for the Company beginning January 1, 2018. Early adoption of ASU 2016-15 is permitted. The standard requires retrospective application unless it is impracticable to do so. The Company is evaluating the impact ASU 2016-15 will have on its statement of cash flows. In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ("ASU 2017-05"). ASU 2017-05 is designed to provide guidance on how to recognize gain and losses on sales, including partial sale, of nonfinancial assets to noncustomers. ASU 2017-05 is effective for the Company beginning January 1, 2018. Early adoption is permitted but the standard is required to be adopted concurrently with ASU 2014-09. The Company is evaluating the impact ASU 2017-05 will have on the Company's financial position and results of operations. In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting ("ASU 2017-09"). ASU 2017-09 clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. ASU 2017-09 is effective for the Company beginning January 1, 2018. Early adoption is permitted. The new guidance will be applied prospectively to awards modified on or after the adoption date. The Company is evaluating the impact ASU 2017-09 will have on the Company's financial position and results of operations. |
Segment Information (Policies)
Segment Information (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The Company evaluates the performance of its reportable segments based on segment net operating income (“SNOI”). SNOI is defined as net operating income (rental revenue and operating expense reimbursements less property and real estate tax expenses) less amortization of lease transaction costs and other operating expenses which relate directly to the management and operation of the assets within each reportable segment. |
Disclosure of Fair Value of F25
Disclosure of Fair Value of Financial Instruments Fair Value of Financial Instruments (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ASC 820, Fair Value Measurements and Disclosures, gives guidance on the fair value measurement of a financial asset or liability. Inputs used to develop fair value are classified in one of three categories: Level 1 inputs (quoted prices (unadjusted) in active markets for identical assets or liabilities), Level 2 inputs (inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly) and Level 3 inputs (unobservable inputs for the asset or liability). The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the following estimates are not necessarily indicative of the amounts the Company could have realized on disposition of the financial instruments at June 30, 2017 and December 31, 2016 . The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued interest, dividend and distributions payable and other liabilities are reasonable estimates of fair value because of the short-term nature of these instruments. The carrying value of the outstanding amounts under the Company's credit facility is a reasonable estimate of fair value because interest rates float at a rate based on LIBOR. The Company determines the fair value of its interest rate swaps by using the standard methodology of netting discounted future fixed cash payments with the discounted expected variable cash receipts. These variable cash receipts of interest rate swaps are based on expectations of future LIBOR interest rates (forward curves) estimated by observing market LIBOR interest rate curves. This is a Level 2 fair value calculation. Also, credit valuation adjustments are factored into the fair value calculations to account for potential nonperformance risk. These credit valuation adjustments were concluded to be not significant inputs for the fair value calculations for the periods presented. See Note 13 - Derivative Instruments. The Company used a discounted cash flow model to determine the estimated fair value of its debt as of June 30, 2017 and December 31, 2016 . This is a Level 3 fair value calculation. The inputs used in preparing the discounted cash flow model include actual maturity dates and scheduled cash flows as well as estimates for market value discount rates. The Company updates the discounted cash flow model on a quarterly basis to reflect any changes in the Company's debt holdings and changes to discount rate assumptions. |
Organization and Basis of Pre26
Organization and Basis of Presentation Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Basis of Presentation [Abstract] | |
Schedule of Adjustments to Previously Reported Financial Statements | Previously, development service fee income relating to its unconsolidated joint ventures had been classified as other income and development service fee expense had been classified as general and administrative expense in amounts as follows: Three months ended Six months ended June 30, 2016 June 30, 2016 Other income $ 1,198 $ 2,570 General and administrative $ 1,054 $ 2,152 |
Income per Common Share of th27
Income per Common Share of the Trust (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts): For the Three Months Ended For the Three Months Ended June 30, 2017 June 30, 2016 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 51,411 146,688 $ 0.35 $ 49,627 145,995 $ 0.34 Dilutive shares for long-term compensation plans — 820 — 740 Net income available to common shareholders - diluted $ 51,411 147,508 $ 0.35 $ 49,627 146,735 $ 0.34 For the Six Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 94,443 146,602 $ 0.64 $ 107,181 146,002 $ 0.73 Dilutive shares for long-term compensation plans — 753 — 620 Net income available to common shareholders - diluted $ 94,443 147,355 $ 0.64 $ 107,181 146,622 $ 0.73 |
Income per Common Unit of the28
Income per Common Unit of the Operating Partnership (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Unit, Basic and Diluted [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts): For the Three Months Ended For the Three Months Ended June 30, 2017 June 30, 2016 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 51,411 146,688 $ 0.35 $ 49,627 145,995 $ 0.34 Dilutive shares for long-term compensation plans — 820 — 740 Net income available to common shareholders - diluted $ 51,411 147,508 $ 0.35 $ 49,627 146,735 $ 0.34 For the Six Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 94,443 146,602 $ 0.64 $ 107,181 146,002 $ 0.73 Dilutive shares for long-term compensation plans — 753 — 620 Net income available to common shareholders - diluted $ 94,443 147,355 $ 0.64 $ 107,181 146,622 $ 0.73 |
Liberty Property Limited Partnership [Member] | |
Earnings Per Unit, Basic and Diluted [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts): For the Three Months Ended For the Three Months Ended June 30, 2017 June 30, 2016 Income (Numerator) Weighted Average Units (Denominator) Per Unit Income (Numerator) Weighted Average Units (Denominator) Per Unit Net income - net of noncontrolling interest - consolidated joint ventures $ 52,761 $ 50,944 Less: Preferred unit distributions (118 ) (118 ) Net income available to common unitholders - basic $ 52,643 150,216 $ 0.35 $ 50,826 149,534 $ 0.34 Dilutive units for long-term compensation plans — 820 — 740 Net income available to common unitholders - diluted $ 52,643 151,036 $ 0.35 $ 50,826 150,274 $ 0.34 For the Six Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 Income (Numerator) Weighted Average Units (Denominator) Per Unit Income (Numerator) Weighted Average Units (Denominator) Per Unit Net income - net of noncontrolling interest - consolidated joint ventures $ 96,942 $ 110,007 Less: Preferred unit distributions (236 ) (236 ) Net income available to common unitholders - basic 96,706 150,130 $ 0.64 109,771 149,541 $ 0.73 Dilutive units for long-term compensation plans — 753 — 620 Net income available to common unitholders - diluted $ 96,706 150,883 $ 0.64 $ 109,771 150,161 $ 0.73 |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table sets forth the components of Accumulated Other Comprehensive Loss (in thousands): As of and for the six months ended June 30, 2017 2016 Foreign Currency Translation: Beginning balance $ (56,767 ) $ (22,023 ) Translation adjustment 10,680 (18,596 ) Ending balance (46,087 ) (40,619 ) Derivative Instruments: Beginning balance (455 ) (865 ) Unrealized loss (41 ) (2,354 ) Reclassification adjustment (1) 316 559 Ending balance (180 ) (2,660 ) Total accumulated other comprehensive loss (46,267 ) (43,279 ) Less: portion included in noncontrolling interest – operating partnership 935 863 Total accumulated other comprehensive loss included in shareholders' equity/owners' equity $ (45,332 ) $ (42,416 ) (1) Amounts reclassified out of Accumulated Other Comprehensive Loss/General & Limited Partner's Equity into contractual interest expense. |
Real Estate (Tables)
Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Information on the operating properties and land parcels the Company sold during the three and six months ended June 30, 2017 is as follows: Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Number of Buildings Acres of Developable Land Leaseable Square Feet Gross Proceeds (in thousands) Number of Buildings Acres of Developable Land Leaseable Square Feet Gross Proceeds (in thousands) Chicago/Minneapolis 1 — 31,116 $ 3,100 1 — 31,116 $ 3,100 Florida — 11 — 2,636 — 11 — 2,636 Houston — 7 — 1,995 — 7 — 1,995 Philadelphia — 2 — 6,904 — 2 — 6,904 Southeastern PA 1 3 62,386 6,975 2 3 95,413 9,050 Other — 6 — 3,739 — 6 — 3,739 2 29 93,502 $ 25,349 3 29 126,529 $ 27,424 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment, Revenue and Net Operating Income [Table Text Block] | The operating information by reportable segment is as follows (in thousands): Three Months Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 Operating revenue Carolinas/Richmond $ 18,225 $ 16,174 $ 36,282 $ 31,934 Chicago/Minneapolis 15,767 21,891 31,642 43,430 Florida 14,482 27,798 28,730 57,115 Houston 14,779 14,204 29,553 28,971 Lehigh/Central PA 39,815 33,782 81,350 68,025 Philadelphia 10,928 10,386 22,363 20,741 Southeastern PA 15,127 24,343 29,742 50,226 United Kingdom 3,262 3,525 6,431 7,077 Other 32,166 34,444 62,538 69,441 Segment-level operating revenue 164,551 186,547 328,631 376,960 Reconciliation to total operating revenues Development service fee income 18,259 — 29,744 — Other 320 107 121 (165 ) Total operating revenue $ 183,130 $ 186,654 $ 358,496 $ 376,795 SNOI Carolinas/Richmond $ 13,094 $ 11,219 $ 26,077 $ 22,059 Chicago/Minneapolis 10,011 11,872 19,360 23,243 Florida 10,003 16,741 19,510 34,788 Houston 7,761 8,036 14,562 16,869 Lehigh/Central PA 29,083 24,755 58,661 48,957 Philadelphia 8,475 7,981 17,234 15,339 Southeastern PA 8,507 14,549 16,619 28,300 United Kingdom 1,649 2,438 3,506 4,842 Other 21,935 22,953 42,191 45,779 SNOI 110,518 120,544 217,720 240,176 Reconciliation to net income Interest expense (21,942 ) (30,131 ) (44,285 ) (61,543 ) Depreciation/amortization expense (1) (33,115 ) (39,161 ) (66,308 ) (78,959 ) Gain on property dispositions 5,895 3,832 6,702 24,353 Equity in earnings of unconsolidated joint ventures 3,990 5,583 9,721 10,497 General and administrative expense (1) (11,047 ) (10,135 ) (23,301 ) (24,927 ) Income taxes (1) 104 (653 ) (176 ) (1,222 ) Other (1,585 ) 1,178 (3,011 ) 1,745 Net income $ 52,818 $ 51,057 $ 97,062 $ 110,120 (1) Excludes costs which are included in determining SNOI. |
Assets by Segment and Reconciliation to Consolidated [Table Text Block] | The Company's total assets by reportable segment as of June 30, 2017 and December 31, 2016 is as follows (in thousands): June 30, 2017 December 31, 2016 Carolinas/Richmond $ 512,329 $ 503,920 Chicago/Minnesota 609,962 616,298 Florida 507,873 514,431 Houston 529,946 530,438 Lehigh/Central PA 1,350,454 1,311,815 Philadelphia 610,025 557,510 Southeastern PA 271,035 262,155 United Kingdom 227,793 189,766 Other 1,487,741 1,403,431 Segment-level total assets 6,107,158 5,889,764 Corporate Other 52,477 103,049 Total assets $ 6,159,635 $ 5,992,813 |
Noncontrolling Interest - Ope32
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Temporary Equity [Line Items] | |
Schedule of Temporary Equity [Table Text Block] | As of June 30, 2017 , the Company had outstanding the following cumulative preferred units of the Operating Partnership: ISSUE AMOUNT UNITS LIQUIDATION PREFERENCE DIVIDEND RATE (in 000’s) Series I-2 $ 7,537 301 $25 6.25 % |
Disclosure of Fair Value of F33
Disclosure of Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Instrument, Fair Value Disclosure [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following summarizes the fair value of the Company's mortgage loans and unsecured notes as of December 31, 2016 and June 30, 2017 (in thousands): Mortgage Loans Unsecured Notes Carrying Value Fair Value Carrying Value Fair Value As of December 31, 2016 $ 276,650 $ 286,684 $ 2,280,286 $ 2,340,762 As of June 30, 2017 $ 271,851 $ 283,911 $ 2,281,650 $ 2,364,004 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the three months ended June 30, 2017 and 2016 (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Amount of loss related to the effective portion recognized in other comprehensive loss $ (163 ) $ (700 ) $ (25 ) $ (2,343 ) Amount of loss related to the effective portion subsequently reclassified to interest expense $ (129 ) $ (276 ) $ (316 ) $ (559 ) Amount of (loss) gain related to the ineffective portion recognized in interest expense $ (9 ) $ (22 ) $ 14 $ (78 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rental Payments | Future minimum rental payments under the terms of all non-cancelable operating ground leases under which the Company is the lessee, as of June 30, 2017 , were as follows (in thousands): Year Amount 2017 (remaining) $ 825 2018 1,754 2019 1,754 2020 1,754 2021 1,754 2022 and thereafter 34,872 Total $ 42,713 |
Supplemental Disclosure to St36
Supplemental Disclosure to Statements of Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure to Statements of Cash Flows | The following are supplemental disclosures to the consolidated statements of cash flows for the six months ended June 30, 2017 and 2016 (amounts in thousands): 2017 2016 Write-off of fully depreciated/amortized property and deferred costs $ 19,833 $ 19,002 Write-off of depreciated/amortized property and deferred costs due to sale $ 8,989 $ 33,857 Redemption of noncontrolling interests - common units $ 27 $ — Unrealized gain (loss) on cash flow hedge $ 275 $ (1,795 ) Changes in accrued development capital expenditures $ 13,124 $ 2,383 Capitalized equity-based compensation $ 739 $ 808 |
Organization and Basis of Pre37
Organization and Basis of Presentation (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Ownership interest in operating partnership - Limited Partnership | 97.70% | |
Liberty Comcast 1701 JFK Boulevard, LP [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 20.00% | |
Liberty Comcast 1701 JFK Boulevard, LP [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Other Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity investment in joint venture | $ 17.7 | $ 18.7 |
Maximum exposure to loss | $ 17.7 | $ 18.7 |
Organization and Basis of Pre38
Organization and Basis of Presentation Prior period adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Prior Period Adjustments [Line Items] | ||||
Cash outflow for shares related to tax withholdings | $ 4,668 | $ 45,006 | ||
Development service fee expense | $ 17,828 | $ 0 | $ 28,832 | 0 |
Other Income [Member] | Scenario, Previously Reported [Member] | ||||
Prior Period Adjustments [Line Items] | ||||
Development service fee income | 1,198 | 2,570 | ||
General and Administrative Expense [Member] | Scenario, Previously Reported [Member] | ||||
Prior Period Adjustments [Line Items] | ||||
Development service fee expense | $ 1,054 | 2,152 | ||
Accounting Standards Update 2016-09 [Member] | Scenario, Previously Reported [Member] | ||||
Prior Period Adjustments [Line Items] | ||||
Cash outflow for shares related to tax withholdings | $ 4,100 |
Income per Common Share of th39
Income per Common Share of the Trust (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income (Numerator) [Abstract] | ||||
Net income available to common shareholders | $ 51,411 | $ 49,627 | $ 94,443 | $ 107,181 |
Weighted Average Shares (Denominator) [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 146,688 | 145,995 | 146,602 | 146,002 |
Dilutive shares for long-term compensation plans | 820 | 740 | 753 | 620 |
Weighted Average Number of Shares Outstanding, Diluted | 147,508 | 146,735 | 147,355 | 146,622 |
Common shares [Member] | ||||
Earnings Per Share, Basic [Abstract] | ||||
Income per common share - basic | $ 0.35 | $ 0.34 | $ 0.64 | $ 0.73 |
Earnings Per Share, Diluted [Abstract] | ||||
Income per common share - diluted | $ 0.35 | $ 0.34 | $ 0.64 | $ 0.73 |
Income per Common Share of th40
Income per Common Share of the Trust Income per Common Share of the Trust - Anti-dilutive Options (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock Option [Member] | ||||
Antidilutive Options Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Options Excluded from Computation of Earnings Per Share | 0 | 885,000 | 0 | 1,668,000 |
Income per Common Share of th41
Income per Common Share of the Trust - Options Exercised (Details) - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Stock Option [Member] | Common shares [Member] | |||
Stock Option Exercises [Line Items] | |||
Amount of Options Exercises in Period | 77,000 | 88,000 | 369,000 |
Income per Common Share of th42
Income per Common Share of the Trust - Share Repurchase (Details) - Common shares [Member] - 2015 Share Repurchase Program [Member] shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017USD ($)shares | Jun. 30, 2017USD ($)shares | |
Class of Stock [Line Items] | ||
Authorized amount of shares available to be repurchased under a share repurchase plan | $ | $ 250 | $ 250 |
Number of shares repurchased during period | shares | 0 | 0 |
Income per Common Unit of the43
Income per Common Unit of the Operating Partnership - Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income (Numerator) [Abstract] | ||||
Net income available to common shareholders | $ 51,411 | $ 49,627 | $ 94,443 | $ 107,181 |
Weighted Average Units (Denominator) [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 146,688 | 145,995 | 146,602 | 146,002 |
Dilutive units for long-term compensation plans | 820 | 740 | 753 | 620 |
Weighted Average Number of Shares Outstanding, Diluted | 147,508 | 146,735 | 147,355 | 146,622 |
Liberty Property Limited Partnership [Member] | ||||
Income (Numerator) [Abstract] | ||||
Income from continuing operations net of noncontrolling interest - consolidated joint ventures | $ 52,761 | $ 50,944 | $ 96,942 | $ 110,007 |
Less: Preferred unit distributions | (118) | (118) | (236) | (236) |
Net income available to common shareholders | $ 52,643 | $ 50,826 | $ 96,706 | $ 109,771 |
Weighted Average Units (Denominator) [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 150,216 | 149,534 | 150,130 | 149,541 |
Dilutive units for long-term compensation plans | 820 | 740 | 753 | 620 |
Weighted Average Number of Shares Outstanding, Diluted | 151,036 | 150,274 | 150,883 | 150,161 |
Liberty Property Limited Partnership [Member] | Common Units [Member] | ||||
Earnings Per Unit, Basic [Abstract] | ||||
Income per common share - basic | $ 0.35 | $ 0.34 | $ 0.64 | $ 0.73 |
Earnings Per Unit, Diluted [Abstract] | ||||
Income per common share - diluted | $ 0.35 | $ 0.34 | $ 0.64 | $ 0.73 |
Income per Common Unit of the44
Income per Common Unit of the Operating Partnership - Anti-dilutive Options (Details) - Stock Option [Member] - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Options Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Options Excluded from Computation of Earnings Per Share | 0 | 885,000 | 0 | 1,668,000 |
Liberty Property Limited Partnership [Member] | ||||
Antidilutive Options Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Options Excluded from Computation of Earnings Per Share | 0 | 885,000 | 0 | 1,668,000 |
Income per Common Unit of the45
Income per Common Unit of the Operations Partnership - Options Exercised (Details) - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Liberty Property Limited Partnership [Member] | Stock Option [Member] | Common Units [Member] | |||
Stock Option Exercises [Line Items] | |||
Amount of Options Exercises in Period | 77,000 | 88,000 | 369,000 |
Income per Common Unit of the46
Income per Common Unit of the Operating Partnership - Unit Repurchase (Details) - 2015 Share Repurchase Program [Member] $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017USD ($)shares | Jun. 30, 2017USD ($)shares | |
Common shares [Member] | ||
Class of Stock [Line Items] | ||
Authorized amount of shares available to be repurchased under a share repurchase plan | $ | $ 250 | $ 250 |
Number of units repurchased during period | shares | 0 | 0 |
Liberty Property Limited Partnership [Member] | Common Units [Member] | ||
Class of Stock [Line Items] | ||
Authorized amount of shares available to be repurchased under a share repurchase plan | $ | $ 250 | $ 250 |
Number of units repurchased during period | shares | 0 | 0 |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning Balance | $ 3,062,923 | |||||
Ending Balance | 3,060,660 | |||||
Total accumulated other comprehensive loss | 3,062,923 | $ 3,060,660 | $ 3,062,923 | |||
Total accumulated other comprehensive loss included in shareholders' equity/owners' equity | 3,001,589 | 3,003,391 | ||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning Balance | (56,767) | $ (22,023) | ||||
Unrealized income (loss) | 10,680 | (18,596) | ||||
Ending Balance | (46,087) | (40,619) | ||||
Total accumulated other comprehensive loss | (56,767) | (22,023) | (46,087) | (56,767) | $ (40,619) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning Balance | (455) | (865) | ||||
Unrealized income (loss) | (41) | (2,354) | ||||
Reclassification adjustment | [1] | 316 | 559 | |||
Ending Balance | (180) | (2,660) | ||||
Total accumulated other comprehensive loss | (455) | (865) | (180) | (455) | (2,660) | |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Ending Balance | (46,267) | (43,279) | ||||
Total accumulated other comprehensive loss | (46,267) | (43,279) | (46,267) | (43,279) | ||
AOCI Attributable to Noncontrolling Interest [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Ending Balance | 935 | 863 | ||||
Total accumulated other comprehensive loss | 935 | $ 863 | 935 | 863 | ||
AOCI Attributable to Parent [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning Balance | (56,031) | |||||
Ending Balance | (45,332) | |||||
Total accumulated other comprehensive loss | $ (56,031) | (45,332) | $ (56,031) | |||
Total accumulated other comprehensive loss included in shareholders' equity/owners' equity | $ (45,332) | $ (42,416) | ||||
[1] | Amounts reclassified out of Accumulated Other Comprehensive Loss/General & Limited Partner's Equity into contractual interest expense. |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - Florida [Member] - 2017 held for sale [Member] - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] $ in Millions | Jun. 30, 2017USD ($)a |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Acres of developable land | a | 4.9 |
Land held for development | $ | $ 2.7 |
Building Acquisitions and Dispo
Building Acquisitions and Dispositions (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017USD ($)ft²abldg | Jun. 30, 2017USD ($)ft²abldg | Jun. 30, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Buildings and Land | $ 26,220 | $ 139,814 | |
Disposal Group, Not Discontinued Operations [Member] | 2017 sales [Member] | Operating Segments [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 3 | 3 | |
Acres of developable land | a | 29 | 29 | |
Leaseable square feet | ft² | 126,529 | 126,529 | |
Proceeds from Sale of Buildings and Land | $ 27,424 | ||
Disposal Group, Not Discontinued Operations [Member] | 2017 sales [Member] | Operating Segments [Member] | Chicago Minneapolis [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 1 | 1 | |
Acres of developable land | a | 0 | 0 | |
Leaseable square feet | ft² | 31,116 | 31,116 | |
Proceeds from Sale of Buildings and Land | $ 3,100 | ||
Disposal Group, Not Discontinued Operations [Member] | 2017 sales [Member] | Operating Segments [Member] | Florida [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 0 | 0 | |
Acres of developable land | a | 11 | 11 | |
Leaseable square feet | ft² | 0 | 0 | |
Proceeds from Sale of Buildings and Land | $ 2,636 | ||
Disposal Group, Not Discontinued Operations [Member] | 2017 sales [Member] | Operating Segments [Member] | Houston [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 0 | 0 | |
Acres of developable land | a | 7 | 7 | |
Leaseable square feet | ft² | 0 | 0 | |
Proceeds from Sale of Buildings and Land | $ 1,995 | ||
Disposal Group, Not Discontinued Operations [Member] | 2017 sales [Member] | Operating Segments [Member] | Philadelphia [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 0 | 0 | |
Acres of developable land | a | 2 | 2 | |
Leaseable square feet | ft² | 0 | 0 | |
Proceeds from Sale of Buildings and Land | $ 6,904 | ||
Disposal Group, Not Discontinued Operations [Member] | 2017 sales [Member] | Operating Segments [Member] | Southeastern PA [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 2 | 2 | |
Acres of developable land | a | 3 | 3 | |
Leaseable square feet | ft² | 95,413 | 95,413 | |
Proceeds from Sale of Buildings and Land | $ 9,050 | ||
Disposal Group, Not Discontinued Operations [Member] | 2017 sales [Member] | Operating Segments [Member] | Other Segments [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 0 | 0 | |
Acres of developable land | a | 6 | 6 | |
Leaseable square feet | ft² | 0 | 0 | |
Proceeds from Sale of Buildings and Land | $ 3,739 | ||
Disposal Group, Not Discontinued Operations [Member] | 2017 sales current quarter [Member] | Operating Segments [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 2 | 2 | |
Acres of developable land | a | 29 | 29 | |
Leaseable square feet | ft² | 93,502 | 93,502 | |
Proceeds from Sale of Buildings and Land | $ 25,349 | ||
Disposal Group, Not Discontinued Operations [Member] | 2017 sales current quarter [Member] | Operating Segments [Member] | Chicago Minneapolis [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 1 | 1 | |
Acres of developable land | a | 0 | 0 | |
Leaseable square feet | ft² | 31,116 | 31,116 | |
Proceeds from Sale of Buildings and Land | $ 3,100 | ||
Disposal Group, Not Discontinued Operations [Member] | 2017 sales current quarter [Member] | Operating Segments [Member] | Florida [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 0 | 0 | |
Acres of developable land | a | 11 | 11 | |
Leaseable square feet | ft² | 0 | 0 | |
Proceeds from Sale of Buildings and Land | $ 2,636 | ||
Disposal Group, Not Discontinued Operations [Member] | 2017 sales current quarter [Member] | Operating Segments [Member] | Houston [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 0 | 0 | |
Acres of developable land | a | 7 | 7 | |
Leaseable square feet | ft² | 0 | 0 | |
Proceeds from Sale of Buildings and Land | $ 1,995 | ||
Disposal Group, Not Discontinued Operations [Member] | 2017 sales current quarter [Member] | Operating Segments [Member] | Philadelphia [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 0 | 0 | |
Acres of developable land | a | 2 | 2 | |
Leaseable square feet | ft² | 0 | 0 | |
Proceeds from Sale of Buildings and Land | $ 6,904 | ||
Disposal Group, Not Discontinued Operations [Member] | 2017 sales current quarter [Member] | Operating Segments [Member] | Southeastern PA [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 1 | 1 | |
Acres of developable land | a | 3 | 3 | |
Leaseable square feet | ft² | 62,386 | 62,386 | |
Proceeds from Sale of Buildings and Land | $ 6,975 | ||
Disposal Group, Not Discontinued Operations [Member] | 2017 sales current quarter [Member] | Operating Segments [Member] | Other Segments [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 0 | 0 | |
Acres of developable land | a | 6 | 6 | |
Leaseable square feet | ft² | 0 | 0 | |
Proceeds from Sale of Buildings and Land | $ 3,739 | ||
2017 acquisitions current quarter [Member] | Operating Segments [Member] | Southern California [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 1 | 1 | |
Leaseable square feet | ft² | 101,000 | 101,000 | |
Purchase price | $ 19,100 | ||
2017 acquisitions [Member] | Operating Segments [Member] | Southern California [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | bldg | 1 | 1 | |
Leaseable square feet | ft² | 101,000 | 101,000 | |
Purchase price | $ 19,100 |
Segment Information - Income St
Segment Information - Income Statement (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Segment Reporting Information [Line Items] | |||||
Operating revenue | $ 183,130,000 | $ 186,654,000 | $ 358,496,000 | $ 376,795,000 | |
Net operating income | 63,271,000 | 67,533,000 | 122,066,000 | 128,776,000 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Interest expense | (21,942,000) | (30,131,000) | (44,285,000) | (61,543,000) | |
Depreciation and amortization expense | (92,310,000) | (109,047,000) | |||
Gain on property dispositions | 5,895,000 | 3,832,000 | 6,702,000 | 24,353,000 | |
Equity in earnings of unconsolidated joint ventures | 3,990,000 | 5,583,000 | 9,721,000 | 10,497,000 | |
General and administrative expense | (15,282,000) | (15,629,000) | (32,224,000) | (36,619,000) | |
Income taxes | (324,000) | (752,000) | (946,000) | (1,553,000) | |
Net income | 52,818,000 | 51,057,000 | 97,062,000 | 110,120,000 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 164,551,000 | 186,547,000 | 328,631,000 | 376,960,000 | |
Net operating income | 110,518,000 | 120,544,000 | 217,720,000 | 240,176,000 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 320,000 | 107,000 | 121,000 | (165,000) | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Interest expense | (21,942,000) | (30,131,000) | (44,285,000) | (61,543,000) | |
Depreciation and amortization expense | [1] | (33,115,000) | (39,161,000) | (66,308,000) | (78,959,000) |
Gain on property dispositions | 5,895,000 | 3,832,000 | 6,702,000 | 24,353,000 | |
Equity in earnings of unconsolidated joint ventures | 3,990,000 | 5,583,000 | 9,721,000 | 10,497,000 | |
General and administrative expense | [1] | (11,047,000) | (10,135,000) | (23,301,000) | (24,927,000) |
Income taxes | [1] | 104,000 | (653,000) | (176,000) | (1,222,000) |
Other | (1,585,000) | 1,178,000 | (3,011,000) | 1,745,000 | |
Development Service Fee Income [Member] | Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 18,259,000 | 0 | 29,744,000 | 0 | |
Carolinas Richmond [Member] | Operating Segments [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 18,225,000 | 16,174,000 | 36,282,000 | 31,934,000 | |
Net operating income | 13,094,000 | 11,219,000 | 26,077,000 | 22,059,000 | |
Chicago Minneapolis [Member] | Operating Segments [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 15,767,000 | 21,891,000 | 31,642,000 | 43,430,000 | |
Net operating income | 10,011,000 | 11,872,000 | 19,360,000 | 23,243,000 | |
Florida [Member] | Operating Segments [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 14,482,000 | 27,798,000 | 28,730,000 | 57,115,000 | |
Net operating income | 10,003,000 | 16,741,000 | 19,510,000 | 34,788,000 | |
Houston [Member] | Operating Segments [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 14,779,000 | 14,204,000 | 29,553,000 | 28,971,000 | |
Net operating income | 7,761,000 | 8,036,000 | 14,562,000 | 16,869,000 | |
Lehigh Central PA [Member] | Operating Segments [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 39,815,000 | 33,782,000 | 81,350,000 | 68,025,000 | |
Net operating income | 29,083,000 | 24,755,000 | 58,661,000 | 48,957,000 | |
Philadelphia [Member] | Operating Segments [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 10,928,000 | 10,386,000 | 22,363,000 | 20,741,000 | |
Net operating income | 8,475,000 | 7,981,000 | 17,234,000 | 15,339,000 | |
Southeastern PA [Member] | Operating Segments [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 15,127,000 | 24,343,000 | 29,742,000 | 50,226,000 | |
Net operating income | 8,507,000 | 14,549,000 | 16,619,000 | 28,300,000 | |
United Kingdom [Member] | Operating Segments [Member] | UNITED KINGDOM | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 3,262,000 | 3,525,000 | 6,431,000 | 7,077,000 | |
Net operating income | 1,649,000 | 2,438,000 | 3,506,000 | 4,842,000 | |
Other Segments [Member] | Operating Segments [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 32,166,000 | 34,444,000 | 62,538,000 | 69,441,000 | |
Net operating income | $ 21,935,000 | $ 22,953,000 | $ 42,191,000 | $ 45,779,000 | |
[1] | Excludes costs which are included in determining SNOI. |
Segment Information - Total Ass
Segment Information - Total Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Assets | $ 6,159,635 | $ 5,992,813 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 6,107,158 | 5,889,764 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 52,477 | 103,049 |
North America [Member] | Operating Segments [Member] | Carolinas Richmond [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 512,329 | 503,920 |
North America [Member] | Operating Segments [Member] | Chicago Minneapolis [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 609,962 | 616,298 |
North America [Member] | Operating Segments [Member] | Florida [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 507,873 | 514,431 |
North America [Member] | Operating Segments [Member] | Houston [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 529,946 | 530,438 |
North America [Member] | Operating Segments [Member] | Lehigh Central PA [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,350,454 | 1,311,815 |
North America [Member] | Operating Segments [Member] | Philadelphia [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 610,025 | 557,510 |
North America [Member] | Operating Segments [Member] | Southeastern PA [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 271,035 | 262,155 |
North America [Member] | Operating Segments [Member] | Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,487,741 | 1,403,431 |
UNITED KINGDOM | Operating Segments [Member] | United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 227,793 | $ 189,766 |
Accounting for the Impairment52
Accounting for the Impairment of Long-Lived Assets and Fee Development Contracts (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment [Line Items] | ||||
Impairment - real estate assets | $ 0 | $ 0 | $ 0 | $ 0 |
Loss on fee development contracts | $ 0 | $ 0 | $ 0 | $ 0 |
Noncontrolling Interests of t53
Noncontrolling Interests of the Trust- Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Redeemable Noncontrolling Interest [Line Items] | ||
Limited Partners' common units outstanding | 3,528,281 | 3,530,031 |
Market value of common units based on closing price | $ 143.6 | |
Liberty Property Limited Partnership [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Limited Partners' common units outstanding | 3,528,281 | 3,530,031 |
Limited Partners' Equity of t54
Limited Partners' Equity of the Operating Partnership - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Limited Partners' Capital Account [Line Items] | ||
Limited Partners' common units outstanding | 3,528,281 | 3,530,031 |
Liberty Property Limited Partnership [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Limited Partners' common units outstanding | 3,528,281 | 3,530,031 |
market value of the outstanding common units | $ 143.6 |
Noncontrolling Interest - Ope55
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Temporary Equity [Line Items] | ||
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of June 30, 2017 and December 31, 2016 | $ 7,537 | $ 7,537 |
Series I 2 [Member] | ||
Temporary Equity [Line Items] | ||
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of June 30, 2017 and December 31, 2016 | $ 7,537 | |
Units | 301,483 | 301,483 |
Liquidation Preference | $ 25 | |
Dividend Rate | 6.25% |
Disclosure of Fair Value of F56
Disclosure of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | $ 271,851 | $ 276,650 |
Unsecured Debt | 2,281,650 | 2,280,286 |
Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Long-term Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 2,364,004 | 2,340,762 |
Mortgage Loans | Fair Value, Inputs, Level 3 [Member] | Long-term Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $ 283,911 | $ 286,684 |
Unconsolidated Joint Ventures (
Unconsolidated Joint Ventures (Details) - Cambridge Medipark Ltd [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
Joint venture, 2017 sales current quarter [Member] | Gain on equity method investments [Member] | Disposal Group, Not Discontinued Operations [Member] | Leaseholds and Leasehold Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain (loss) on sale of leasehold interests | $ 1,500,000 | |||
Joint venture, 2017 sales [Member] | Gain on equity method investments [Member] | Disposal Group, Not Discontinued Operations [Member] | Leaseholds and Leasehold Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain (loss) on sale of leasehold interests | $ 4,500,000 | |||
Joint venture, 2016 sales current quarter [Member] | Gain on equity method investments [Member] | Disposal Group, Not Discontinued Operations [Member] | Leaseholds and Leasehold Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain (loss) on sale of leasehold interests | $ 312,000 | |||
Joint venture, 2016 sales [Member] | Gain on equity method investments [Member] | Disposal Group, Not Discontinued Operations [Member] | Leaseholds and Leasehold Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain (loss) on sale of leasehold interests | $ 206,000 |
Derivative Instruments (Details
Derivative Instruments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Interest Rate Derivatives [Abstract] | |||||
Number of interest rate swap contracts | 3 | 3 | |||
aggregate notional amount | $ 97,600 | $ 97,600 | $ 98,900 | ||
Termination value of interest rate swap, including accrued interest | 3,700 | 3,700 | |||
Interest Rate Cash Flow Hedges [Abstract] | |||||
Fair value of interest rate swaps | 3,700 | 3,700 | $ 4,900 | ||
Amount estimated to be reclassified from accumulated other comprehensive income as an increase to interest expense | 200 | 200 | |||
Interest Rate Swap [Member] | Other Comprehensive Income (Loss) [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of loss related to the effective portion recognized in other comprehensive loss | (163) | $ (700) | (25) | $ (2,343) | |
Interest Rate Swap [Member] | Interest Expense [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of loss related to the effective portion subsequently reclassified to interest expense | (129) | (276) | (316) | (559) | |
Amount of (loss) gain related to the ineffective portion recognized in interest expense | $ (9) | $ (22) | $ 14 | $ (78) |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Rental Payments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
2017 (remaining) | $ 825,000 | $ 825,000 | ||
2,018 | 1,754,000 | 1,754,000 | ||
2,019 | 1,754,000 | 1,754,000 | ||
2,020 | 1,754,000 | 1,754,000 | ||
2,021 | 1,754,000 | 1,754,000 | ||
2022 and thereafter | 34,872,000 | 34,872,000 | ||
Total | 42,713,000 | 42,713,000 | ||
Other Expenses [Abstract] | ||||
Operating ground lease expense | $ 311,000 | $ 237,000 | $ 623,000 | $ 493,000 |
Commitments and Contingencies60
Commitments and Contingencies - Loss Contingencies (Details) $ in Millions | Jun. 30, 2017USD ($) |
Legal Matters [Abstract] | |
Loss Contingency, Pending Claims, Number | 0 |
Other [Abstract] | |
Letter of credit obligations | $ 7.7 |
Commitments and Contingencies61
Commitments and Contingencies - Supply Commitments (Details) $ in Thousands, ft² in Millions | 6 Months Ended | |
Jun. 30, 2017USD ($)ft²bldgproperties | Dec. 31, 2016USD ($) | |
Supply Commitment [Line Items] | ||
Development in progress | $ 410,027 | $ 267,450 |
Supply Commitment [Member] | Construction in Progress [Member] | ||
Supply Commitment [Line Items] | ||
Deferred leasing costs in development | 15,400 | |
Remaining amount committed or obligated to pay | $ 11,800 | |
Construction in Progress [Member] | ||
Supply Commitment [Line Items] | ||
Leaseable square feet | ft² | 6.6 | |
Number of Real Estate Properties | properties | 27 | |
Total anticipated development cost | $ 634,000 | |
Buildings and land parcels [Member] | ||
Supply Commitment [Line Items] | ||
Remaining amount committed or obligated to pay | 18,600 | |
Tenant Improvements [Member] | ||
Supply Commitment [Line Items] | ||
Tenant improvements not yet completed | $ 21,100 | |
Equity Method Investments [Member] | Supply Commitment [Member] | Construction in Progress [Member] | ||
Supply Commitment [Line Items] | ||
Number of Real Estate Properties | bldg | 3 | |
Remaining amount committed or obligated to pay | $ 966,700 | |
American Water Works, Inc [Member] | Building and Building Improvements [Member] | ||
Supply Commitment [Line Items] | ||
Fee development commitment | 170,100 | |
Costs incurred to date | $ 46,700 |
Commitments and Contingencies62
Commitments and Contingencies - Purchase Commitments (Details) $ in Millions | Jun. 30, 2017USD ($) |
Land and Land Improvements [Member] | Land Purchases [Member] | |
Long-term Purchase Commitment [Line Items] | |
Remaining amount committed to future acquisitions | $ 19.4 |
Supplemental Disclosure to St63
Supplemental Disclosure to Statements of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | ||
Write-off of fully depreciated/amortized property and deferred costs | $ 19,833 | $ 19,002 |
Write-off of depreciated/amortized property and deferred costs due to sale | 8,989 | 33,857 |
Redemption of noncontrolling interests - common units | 27 | 0 |
Unrealized gain (loss) on cash flow hedge | 275 | (1,795) |
Changes in accrued development capital expenditures | 13,124 | 2,383 |
Capitalized equity-based compensation | $ 739 | $ 808 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands, ft² in Millions | Jul. 01, 2017USD ($) | Jul. 27, 2017USD ($)ft²abldg | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Subsequent Event [Line Items] | ||||||
Proceeds from Sale of Buildings and Land | $ 26,220 | $ 139,814 | ||||
Gain on property dispositions | $ 5,895 | $ 3,832 | 6,702 | $ 24,353 | ||
2015 sales [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Gain on property dispositions | $ 14,300 | |||||
Other Liabilities [Member] | 2015 sales [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Deferred Gain on Sale of Property | $ 14,300 | $ 14,300 | ||||
Lehigh Central PA [Member] | Disposal, Exercised Purchase Option [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of Real Estate Properties | bldg | 2 | |||||
square feet | ft² | 1.7 | |||||
Acres of developable land | a | 44 | |||||
Proceeds from Sale of Buildings and Land | $ 249,000 | |||||
Lehigh Central PA [Member] | Minimum [Member] | Disposal, Exercised Purchase Option [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Gain on property dispositions | 65,000 | |||||
Lehigh Central PA [Member] | Maximum [Member] | Disposal, Exercised Purchase Option [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Gain on property dispositions | $ 70,000 |